1. you have a few good books you want to read
2. you would like to find some new buyers
3. you love meeting the neighbors in the neighborhood
4. you love showing the home to other agents' buyers that are sent over because the agent didn't want to bother
5. you are an eternal optimist - afterall the house MAY actually sell via the open house (and you may also win the lottery)
6. you have a thing for blowing up balloons and placing signs all over the place (well, it's exercise!)
7. you have a lot of free time on Sundays
8 you want a reason to get out of the house on a Sunday (refer back to having a lot of free time)
9. you want to appease the seller who will think you are being proactive by having an open house
10. you promised the seller a few open houses in order to get the listing
Ok - I was in a silly mood........hope you don't mind!!!!!!....it's just one of those days!
Have a great one!!!
I have built my business on open houses. I do not like doing them but they are effective. There are some things that will help your success.
1. Request a sign in with a form you made with their name, address, email, phone and if they are working with an agent. Then you find out which ones are unattached and you can hlep them.
2. Follow up 9 times after an open house buy phone, email and snail mail.
3. Treat them like you would want to be treated they can feel it.
4. ALWAYS do what is THEIR (NOT YOUR) best interest.
5. Just be helpful and they will respond.
Older agent? Age or experience.. ha ha... I think the open house debate is a good one. As you know in Rochester some of the top producers do not do opens. I have had good success with open houses and continue to do them. I have spent many a weekend with no guests as many other agents have in the last couple of months. I think it is a good way to meet potential clients. Good luck!
Maybe some of the old guys still know a few tricks. Here's what I know - there is a BIG difference in how you plan and conduct an Open House. It's not enough to put up lots of signs and sit in the house, hoping that someone will drop in. We follow a 7 day action plan leading up to the Open House that consistently produces quality results in any kind of market. If you contact me, I'll be happy to share it with you. Of course, strong follow up is crucial.
Open Houses rarely sell the house that is held open. They often provide a handful of quality (and some not so much) Buyer leads and even an occasional Listing lead or two. Curious neighbors drop in, and, if you become skilled at conversation, you may be able to turn their casual visit into a referral to someone who mentioned that they would like to live in that neighborhood. Other neighbors who may be thinking about selling their homes may drop in to see how you market homes and conduct yourself. If you develop an honest and open beginning relationship with them, and don't just hit the listing pitch, you'll be surprised at how many call you. Again, follow up is crucial.
Doing professional Open houses is an art, and when well-practiced, it provides very inexpensive and consistent lead generation for both Buyer and Seller leads. If you do them regularly, you'll start to see familiar faces, and get the opportunity to probe a little deeper for their real motivations. If your follow up has been effective, they will recognize you and seriously consider hiring you as their agent.
If you want to have a more serious discussion and get a copy of our plan, call me up.
Doc Stephens, REALTOR®
Keller Williams Realty
San Antonio, Texas
(210) 696-9996, ext 409
Maybe we expect too much from them, however. The market is s-l-o-w, and agents aren't showing our listings five times a day during the week anymore, so maybe, just maybe, it's not a bad use of your time. So long as you bring a book, and are absolutely ready to put on your game face when (or if) somebody walks in.
Tierra Antigua Realty
I think holding an Agent Open House is much more productive.
The benefit to holding an open house for a broker/agent is capturing new potential buyer clients and marketing yourself to the general public.
As far has an open house being an "effective," tool to sell a home in today's market --- not a chance.
Back to your question -- I've sold homes for other agents when I host the homes for them (10/10 times), but I don't get paid. So for me, if it's not my listing and I sell it, I lose out and the agent I helped is happy!
When I host an open house, I consider it community service because I am available to answer questions and I can catch up on paperwork during the slow times. Usually, the time flies by for me because I have a lot of work to catch up.
When I host an open house for regular homes, consumers already "have an agent" and even though sales managers urge me to pursue people who visit, I leave them alone.
When I host an open house for REO (or bank owned) homes, it could be really scary because I've been in some neighborhoods where 8 of 10 homes were vacant and no one wanted to come see the house. And, more scary is that the electricity is off and the wind is blowing at creaking doors and windows.
When I host an open house for properties about to go to auction (big and small auctions), those could be pretty interesting too. It depends on the property. I meet a lot of people who "know" what they're doing and some are "experts". I just have to thank them for sharing their "expertise" and their "predictions" of "the market".
With all being said and done, I LOVE OPEN HOUSES". It allows me to catch up on my paperwork, get in touch with the community and allows me to talk to people who are interested in real estate. Effective is what you make it.
I hope this helps. :)
I am a big proponent of doing Open Houses for my own listings - as I am entrusted with selling the home - and Open Houses are one of many ways to increase exposure.
In terms of doing Open Houses to build my buyer base, I have found this year that my success in that area has diminished - periodically, I still do Open Houses for others but I do less than I have in the past.
So for your own listings - yes. For others - if you have a free day, do it, if you have revenue producting opportunities, ie, buyer appointments, no.
Good luck and best,
Unwavering Commitment to Service - in New Jersey
I suppose the "success" of the OH depends on what it is you are looking to gain from it.
Just to be clear - I have been referencing PUBLIC open houses, not Broker open houses....I stil strongly believe in broker open houses as a kick off to any new listing........kind of like the curtain going up on a play!
PS Thomas - glad you enjoyed!! :)
interestign tidbit - lawn signs do make the chart
Case in point - from what I have heard from agents I know personally and here on Trulia, in NYC, assuming the coop board will allow them, they are very well attended and an integral part of getting a coop sold, and exposing it to potential buyers.
In my area, it is rare for an open house to be THE reason the house sold. I am not saying it doesn't happen, but it is rare. Any active buyer will find that home, usually via the internet, if an agent hasn't already told them about it, and pursue it if they have intertesst.
It's one of those things in regard to marketing a house - it may not help, but it can't hurt!
* successful open houses may be defined by different agents in different ways, as I have seen some state here that their OH's are "successful". To me, obtaining new buyers, or meeting neighbors, doesn't make it a successful OH to the SELLER, and that's supposed to be, imo, the premier reason for hosting one. I am sure that it will not be well received, if, after the OH, you share with your seller than you met this fabulous new buyer who, although he hated your home Mr Seller, he loved me, and he and I will be looking at other homes together tomorrow.